Financially Distressed CompaniesAlly to pay ResCap $2.1 billion to settle creditor claims 2:30 pm U.S. ET | May 23, 2013 Ally Financial, the auto lender majority-owned by the U.S. government, agreed to pay $2.1 billion to avoid lawsuits related to its bankrupt mortgage unit, Residential Capital.... Read More »
Ally clears barrier for IPO with plan to resolve mortgage claims 1:59 pm U.S. ET | May 14, 2013  Ally Financial moved closer to repaying its government bailout as the auto lender reached agreement with creditors of its bankrupt mortgage unit.... Read More »
GM's Akerson, Ally's Carpenter have pay, bonuses frozen by U.S. 9:22 am U.S. ET | April 27, 2013  The Treasury Department froze some 2013 pay for top executives at General Motors and Ally Financial, two companies yet to repay money received under special bailout terms during the financial crisis.... Read More »
Fisker furloughs U.S. workforce for a week 9:45 pm U.S. ET | March 27, 2013  Fisker Automotive, the struggling maker of $100,000 plug-in hybrids whose namesake founder abruptly resigned earlier this month, has furloughed its entire workforce in the United States this week to preserve cash as it seeks a financial lifeline.... Read More »
Ally to sell remaining mortgage servicing rights to Quicken 12:21 pm U.S. ET | March 21, 2013 Ally Financial, the former GMAC lending unit that had its capital plan rejected last week by the Federal Reserve, agreed to sell its remaining agency mortgage servicing rights to Quicken Loans Inc. for about $280 million.... Read More »
Ally says Federal Reserve's stress test was 'fundamentally flawed' 9:39 am U.S. ET | March 8, 2013  Ally Financial, the auto lender majority-owned by the federal government, disputed results of the Federal Reserve's stress tests, calling the analysis "fundamentally flawed." "The analysis is inconsistent with historical experience in the most-stressed periods in our business,” the lender said in a statement on Thursday.... Read More »
Treasury should curb pay for bailed out companies, watchdog says 5:06 pm U.S. ET | Feb. 26, 2013  The Treasury Department should reevaluate total compensation for employees in companies that were bailed out and apply guidelines that will curb excessive pay, said Christy Romero, the special inspector general for the Troubled Asset Relief Program.... Read More »
Executive pay at bailed-out companies subject of D.C. hearing 6:22 pm U.S. ET | Feb. 22, 2013  A congressional subcommittee plans to hold a hearing Tuesday on executive pay at companies, including General Motors and Ally Financial, that the federal government bailed out about four years ago.... Read More »
PSA to shift Peugeot brand upscale in bid to return to profit 1:57 am U.S. ET | Feb. 13, 2013  PSA laid out plans to move its namesake Peugeot brand upscale to help the automaker return to profit after the company posted a record 5 billion euro ($6.73 billion) net loss for 2012.... Read More »
PSA will move Peugeot brand upscale in bid to return to profitFeb. 13, 2013 07:57 CET  PSA laid out plans to move its namesake Peugeot brand upscale to help the automaker return to profit after the company posted a record 5 billion euro ($6.73 billion) net loss for 2012.... Read More »
Ally sees full U.S. repayment by 2014 on auto business gains 10:11 am U.S. ET | Feb. 11, 2013  Ally Financial, the second-largest remaining investment by the Treasury’s federal bailout fund, will repay the government by 2014 on the strength of its auto-finance business, its CEO said.... Read More »
French gov't could take a PSA stake, minister saysFeb. 8, 2013 09:51 CET  The French government may buy a stake in PSA/Peugeot-Citroen if it is necessary to save the ailing automaker, a minister said. The comment came after PSA announced second-half writedowns of 4.13 billion euros ($5.53 billion) as Europe's plunging auto sales pushed down the value of its assets.... Read More »
Ally claims top spot in consumer auto finance volume 12:41 pm U.S. ET | Feb. 8, 2013  Ally Financial retained its top spot in consumer auto finance volume in 2012 for the second year in a row, the company said today, citing data from Experian Automotive.... Read More »
France weighs stake in ailing PSA 3:51 am U.S. ET | Feb. 8, 2013  The French government may buy a stake in PSA/Peugeot-Citroen if it is necessary to save the ailing automaker, a key minister said. The comment came after PSA announced second-half writedowns of 4.13 billion euros ($5.53 billion) as Europe's plunging auto sales pushed down the value of its assets.... Read More »
Ally posts Q4 profit as U.S. vehicle sales increase 11:41 am U.S. ET | Feb. 5, 2013  Ally Financial, the biggest auto lender in the United States, swung to a fourth-quarter profit as more consumers went shopping for cars and trucks... Read More »
Ally Financial needs 'concrete plan' to unwind from U.S., watchdog says 12:01 am U.S. ET | Jan. 30, 2013  The Treasury Department needs a “concrete plan” to unwind the 2009 bailout of Ally Financial, the former auto-finance arm of GM, an administration watchdog says in a new report. Taxpayers still own 74 percent of Ally, which owes $14.6 billion for the infusion of public dollars that enabled the former GMAC Inc. to avoid bankruptcy.... Read More »
Fisker hires consultant to help conserve cash during strategic review 3:50 pm U.S. ET | Jan. 29, 2013  Fisker Automotive, the plug-in hybrid sports car maker that’s seeking a partner or a buyer, hired Huron Consulting Group to help manage day-to-day operations during negotiations.... Read More »
Ally pays off remaining debt issued under FDIC program 11:59 am U.S. ET | Dec. 19, 2012  Ally Financial, the former General Motors finance unit now 74 percent owned by the federal government, said it has repaid its remaining debt issued under a financial-crisis-era program designed to bolster confidence in the banking system.... Read More »
GM agrees to buy Ally's European auto-finance businessNov. 21, 2012 22:59 CET  General Motors agreed to buy the rest of Ally Financial Inc.'s international auto-finance businesses, including operations in Europe, in a deal with proceeds of $4.2 billion.... Read More »
GM Financial agrees to buy Ally's international auto-finance business 4:59 pm U.S. ET | Nov. 21, 2012  General Motors agreed to buy the rest of Ally Financial's international auto-finance businesses in a deal with proceeds of $4.2 billion as the carmaker seeks to spur rebounds in Europe and South America.... Read More »
Fisker seeks to raise more cash before new model arrives 9:55 pm U.S. ET | Aug. 15, 2012  Fisker Automotive, the maker of the $100,000-plus Karma hybrid sports car, aims to raise about $150 million in additional funds to tide the company over until it can launch production of its second model, a key investor said on Wednesday.... Read More »
Treasury appoints two directors to Ally Financial board 3:11 pm U.S. ET | Aug. 15, 2012  The Treasury Department today named two directors to the board of Ally Financial, the auto lender which is still 74-percent owned by the federal government after a series of bailouts during the financial crisis.... Read More »
GM unit bids for Ally international businesses 10:22 am U.S. ET | Aug. 13, 2012  General Motors has made a bid for Ally Financial's international operations, about two months after CEO Dan Akerson said he'd like to buy the business. GM's lending unit, GM Financial, bid on Ally's international operations last month, GM said in a filing with U.S. securities regulators. GM Financial and "a number of third parties" are in "the preliminary stages of the bid process investigation," the automaker said.... Read More »
Ally's auto business rises in Q2, but mortgage losses put company in red 8:49 am U.S. ET | Aug. 1, 2012  Ally Financial today reported higher auto originations and higher pre-tax income for its North American auto business, but the company posted an overall net loss of $898 million for the second quarter, due to its failed Rescap mortgage business.... Read More »
GM, Ally exit plan needed for U.S. Treasury, says government watchdog 10:21 am U.S. ET | July 10, 2012  Market conditions have slowed the Treasury's progress in selling stakes in General Motors and Ally Financial, its one-time consumer financing arm, but the Obama administration should develop a solid plan for doing so, a government watchdog told a House panel today.... Read More »
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